An Act promoting estate tax fairness

This bill replaces the existing estate tax law with a new system that imposes a state estate tax on estates exceeding $2 million in value. It establishes progressive tax rates starting at 10% for estates over $2 million and rising to 30% for estates over $10 million, applying to both residents and non-residents owning property within the state. Estates with a federal gross value under $2 million are exempt from this tax. The new tax structure takes effect for deaths occurring on or after January 1, 2025.